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Then and now: Why 1986 tax bill was everything 2017’s isn’t

In this Thursday, Nov. 30, 2017, file photo, the sky over The Capitol is lit up at dawn as Senate Republicans work to pass their sweeping tax bill, in Washington. Congress' last major tax overhaul, three decades ago, was everything this year's version isn't. The Tax Reform Act of 1986 won bipartisan support. Its benefits flowed more to low- and middle-income taxpayers than to wealthy individuals and corporations. And it added nothing to the federal deficit. None of that can be said for tax-cut package the Senate passed after the House approved a similar version. (AP Photo/J. Scott Applewhite, File)
In this Thursday, Nov. 30, 2017, file photo, the sky over The Capitol is lit up at dawn as Senate Republicans work to pass their sweeping tax bill, in Washington. Congress' last major tax overhaul, three decades ago, was everything this year's version isn't. The Tax Reform Act of 1986 won bipartisan support. Its benefits flowed more to low- and middle-income taxpayers than to wealthy individuals and corporations. And it added nothing to the federal deficit. None of that can be said for tax-cut package the Senate passed after the House approved a similar version. (AP Photo/J. Scott Applewhite, File) In this Thursday, Nov. 30, 2017, file photo, the sky over The Capitol is lit up at dawn as Senate Republicans work to pass their sweeping tax bill, in Washington. Congress' last major tax overhaul, three decades ago, was everything this year's version isn't. The Tax Reform Act of 1986 won bipartisan support. Its benefits flowed more to low- and middle-income taxpayers than to wealthy individuals and corporations. And it added nothing to the federal deficit. None of that can be said for tax-cut package the Senate passed after the House approved a similar version. (AP Photo/J. Scott Applewhite, File)

By Associated Press 5 min read

WASHINGTON (AP) – They don’t do tax reform like they used to.

The legislation that House and Senate Republicans have embraced has revived memories of Congress’ most recent major tax overhaul three decades ago.

But the similarities tend to end there.

The Tax Reform Act of 1986 was everything this year’s version isn’t. It was the product of a year and a half of spirited deliberations. It won support from both Democrats and Republicans. Its benefits flowed more to ordinary taxpayers than to corporations and wealthy individuals. And it added nothing to the federal deficit.

Assessing the measure on its 20th anniversary, the conservative Tax Foundation said it “stands as a rare example of bipartisan support for fundamentally sound tax policy.”